Genesis Global Capital, a currently inactive firm involved in cryptocurrency lending, has recently filed a revised motion with the United States Bankruptcy Court for the Southern District of New York. This motion pertains to the approval for liquidating trust assets valued at $1.4 billion. The company is seeking a shorter timeframe and has agreed to a $21 million settlement to resolve the SEC's lawsuit.

Genesis, associated with the Digital Currency Group (DGC), holds shares in Grayscale Bitcoin Trust valued at $1.4 billion, Grayscale Ethereum Trust worth $165 million, and Grayscale Ethereum Classic Trust valued at $38 million.

The company is seeking an expedited deadline to address the matter at the upcoming bankruptcy court hearing scheduled for February 8, 2024. The GBTC shares, along with those obtained during the bankruptcy proceedings of Three Arrows Capital (3AC), were initially collateral transferred to Gemini as part of its Gemini Earn Program.

Additionally, the company aims to acquire 31,180,804 additional shares valued at around $1.2 billion from Gemini, but this transaction did not materialize as planned. The court has yet to make a ruling on the issue of share ownership.

Following the approval for Grayscale Bitcoin Trust (GBTC) to transition into an exchange-traded fund (ETF), a representative from Gemini issued a positive statement on the organization’s website.

Genesis has settled its dispute with the SEC over the operation of its Gemini Earn Program through a $21 million fine.